Dissipated Marital Assets
What can you do if your spouse has dissipated marital assets during your divorce, leaving nothing to be divided in the property settlement? Unfortunately, some husbands will go to extreme lengths to guarantee that their wives will get nothing in the divorce. If you're faced with this situation, read the suggestions from out financial advisor.
What are my options to keep the assets safe while I'm gone? Terri's Question: I think I may be heading for a divorce. I am going to visit a friend out of state and my husband purchased my ticket which is a one way ticket. He is sneaky, so I am getting prepared for the news. I am jobless, penniless and everything in our home is mine. All our furniture was given to us after the death of my mother and most recently my grandma. What are my options to keep the assets safe? I am really at a loss and don't even know where to start or what my rights are, or what his are. Any advice would be appreciated. Brette's Answer: You need to talk to an attorney. Leaving the home would likely be a very bad idea at this point. What if he says that all the severance pay is gone? Barbara's Question: When my husband's employer closed the plant, my husband was given his 401K and six months of severance pay ($75,000). Instead of rolling over his 401K and paying expenses with the severance pay he cashed the checks and took the cash to his sister. Now he is saying that it is all gone. My question have they committed fraud against me? Brette's Answer: It sounds like he wasted a marital asset or is attempting to hide funds. Either way, the money counts as a marital asset and will be divided. Get an attorney. » Return to top Selling Property Before The Divorce Is Finalized Question: If he were to sell any thing before the divorce is finalized, will I get any thing out of it? Brette's Answer: Everything either of you bought or earned during the marriage is a marital asset and will be considered as part of the property settlement. If these items are sold, the value of that item is included in what has to be divided. » Return to top What can I do if he sold the house while we were separated? E's Question: I have been separated for 13 months. I just found out that my ex sold the house (probably to a friend) for less than $100000. He probably got the rest in cash. What can be done about this when I file for divorce? Brette's Answer: If this was marital property, he will be held accountable for the sale in the property division. He'll owe you your portion of it. What can I do if he ruined out finances after we separated? Kelley's Question: My soon to be ex violated our Protective order by buying a new house and car that were paid for with marital assets. He has ruined our finances and may have taken out a home equity loan on our marital home. Our estate was worth a couple of million and now he claims poverty and wants to represent himself pro se. What recourse do I have? Timothy's Answer: The fact that your husband directly violated a court order is a serious issue that requires legal attention. Do yourself a favor and hire a good attorney right away if you don’t already have one! An attorney may be able to help you get back your share of your marital estate that was squandered by your husband. Unfortunately, this may require you to prepare to go to trial, which could be an extremely expensive endeavor. You mentioned that your marital estate was worth a couple of million dollars and you are now in financial ruins. I would highly advise you to start gathering your financial documents that show what your marital estate was worth before and after your husband deliberately sold your joint assets for his own benefit. Rather than speculating about where your husband received his loan, you should check the registry of deeds in the county where his home is located. All legal documents – titles, mortgages, quit claim deeds – are matters of public record. A good attorney can help you sort through all of your legal issues and be an advocate for you and your family’s needs. You may also want to consider hiring a Certified Divorce Financial Analyst or a Forensic Accountant to help you document your marital lifestyle and trace where the funds from the dissipated marital assets went. Since your husband is now claiming poverty, you may also need to document his ability to pay if spousal support will be an option in your divorce settlement. Copyright WomansDivorce.com. All rights reserved. Do not copy. » Return to top of Dissipated Marital Assets
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